SAP SE Earnings Recaps
Q3 2026
Oct 23, 2026
Shares rose 5.1% after SAP reported cloud revenue growth of 25% and a 26% increase in cloud backlog. The positive reaction reflects strong growth in its cloud business, which management said was significantly driven by Business AI, data, and platform offerings.
Key takeaways
- Cloud revenue was €6.7 billion, up 25% in constant currencies; proven cloud backlog reached €24.1 billion, up 26%.
- Total revenue was €10.3 billion, up 12%, while operating profit increased 18% to more than €3 billion.
- Nine out of SAP’s 50 largest deals included AI and Business Data Cloud, and management said AI was the main driver of customers’ move to the cloud.
- SAP cited IDC estimates that it is growing about 11 percentage points faster than the market and more than 1.7 times faster than the overall HCM market.
- Management emphasized quality over quantity in AI agents; the transcript excerpt provides no updated full-year outlook.
Q3 2025
Oct 23, 2025
SAP delivered robust Q3 results, with cloud revenue soaring 27% and a consistent double-digit total revenue growth, reinforcing its market position and driving momentum into 2026.
Key takeaways
- Cloud revenue growth sustained at over 25% for five consecutive quarters, with a strong 75% gross margin.
- Current cloud backlog surged 27%, indicating strong future revenue visibility despite recent acquisitions.
- Notable customer wins included major brands like Alphabet, Lufthansa, and Ericsson, expanding their engagement with SAP's integrated business suite.
- Free cash flow increased by 5%, while operating profit rose 19%, signaling improved financial health.
- Strategic focus on AI and customer data center offerings positions SAP for significant growth in highly regulated markets.